On March $1,2020,$ Crane Pasta Company assigns $$1401000$ of its accounts receivable to Bank of China as collateral for a $$1001700$ note. Bank of China assesses a finance charge of $1$ percent of the accounts receivable and interest on the note of $12$ percent. Which of the following is correct regarding this transaction?

On March $1,2020,$ Crane Pasta Company will debit Loss on Sale of Receivables for $$34044.$

Crane Pasta Company has factored its receivables.

On March $1,2020,$ Crane Pasta Company will credit Due from Factor for $$20034.$

On March $1,2020,$ Crane Pasta Company will debit Interest Expense for $$14010.$